Are there any truly safe assets anymore?

Traditional havens like US government bonds are no longer likely to secure wealth

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2025-04-16 trading screen

A screen displays a chart tracking the Dow Jones Industrial Average on the floor at the New York Stock Exchange in New York City on April 16, 2025.  © Reuters

Satyajit Das, a former banker, is the author of "Traders, Guns & Money," "Extreme Money" and "A Banquet of Consequences: Reloaded."

Fearing a trade war-induced recession and financial crisis, investors are switching out of risky assets into government bonds and AAA or AA-rated securities. But this Pavlovian response introduces new and subtle risks.

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